Bitcoin Hits New Monthly Low, Where Could It Go?

 2021-09-22 08:35:07

Bitcoin crashed below $40,000 yesterday and set a new monthly low at $39609. BTC is now recovering and trading below $43,000. From the hourly chart below, it is far below the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $43,000 on the hourly chart. The price could start a decent increase if it settles above $43,000.

upload/2021092208361075187.png 

BTC's price failed to break the $44,000 resistance levels. As a result, there was a fresh decline below the $42,000 support zone. But now it is trying to break $42,000 and make an uptrend. To start recovery, the price must clear the $42,500 resistance first and then the $43,000 level, otherwise, Bitcoin may keep a downtrend and hover around the range of $42,000-$40,000. According to the recent price performance, it could take a few days for Bitcoin to recover and regain the $50,000 line.

 

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bullish zone.

Hourly RSI – The RSI is hovering around the 50 level.

Major Support Levels – $41,000, followed by $40,000.

Major Resistance Levels – $42,500, $43,000 and $45,000.

 

DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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